As Australian households grapple with the challenges of cost-of-living pressures and rising interest rates, a new study by Insight LED delves into the key issues that are top-of-mind for consumers.
"originally-published" Originally published by Insight LED, November 28, 2022
This article highlights the main findings from the report, offering valuable insights for brands and marketers during these turbulent times.
Key Findings: A Shift in Shopping Habits and Priorities
The research survey uncovers several noteworthy trends in consumer behaviour over the last 6-12 months:
- 57% of everyday shoppers are now more purpose-driven, only purchasing what is necessary.
- 60% of everyday shoppers are engaging in less leisure shopping and browsing for wants.
- 55% of respondents are either going without or postponing plans for holidays, travel, and property investments.
- 54% of shoppers consider privacy and personal information use to be more important factors when making decisions about products and services.
- A staggering 80% of Australians report that rising cost-of-living pressures have affected their household spending patterns.
- 44% of Australians express concern about managing stress and anxiety amid these challenges.
Seven Tips for Brands and Marketers Amid the Cost-of-Living Crisis
Based on these findings, Insight LED offers seven actionable tips for brands and marketers to navigate the current cost-of-living crisis:
- Understand your customers' needs: Focus on providing value and addressing the concerns of your target audience.
- Offer practical solutions: Help consumers make informed decisions by providing practical and cost-effective products or services.
- Promote transparency: Be open about your privacy policies and how you handle customer data.
- Emphasize affordability: Highlight cost-saving benefits and competitive pricing.
- Support mental well-being: Address stress and anxiety by offering resources or partnering with relevant organisations.
- Adapt to changing shopping habits: Recognise the shift towards purpose-driven shopping and cater to this trend.
- Communicate effectively: Use clear messaging that resonates with consumers' current priorities and concerns.
By acknowledging the challenges faced by Australian consumers and adapting their strategies accordingly, brands and marketers can better serve their customers during these difficult times.
To view the full report and gain a deeper understanding of the findings, click here.
